With the markets at all-time highs, it is prime season for initial public offerings (IPOs) and companies can get more bang for their buck. There were a couple major IPOs this past week that lived up to the hype and then some, and one that floundered.
Last week some of the premier IPOs we saw were Elanco Animal Health Inc. (NYSE: ELAN), Eventbrite Inc. (NYSE: EB) and X Financial (NYSE: XYF). 24/7 Wall St. has included the details for each of these offerings and how each stock has performed to close out the week.
Elanco is a premier animal health company that innovates, develops, manufactures and markets products for companion and food animals. It is the fourth largest animal health company in the world, with revenue of $2.9 billion for the year ended December 2017.
It’s worth pointing out that Eli Lilly and Co. (NYSE: LLY) is the company spinning off Elanco.
The stock entered the market at $32.25, well above the high end of the expected price range of $20 to $23. The company offered 62.9 million shares, with an overallotment option for an additional 9.435 million shares.
The underwriters for the offering were Goldman Sachs, JPMorgan, Morgan Stanley, Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Evercore ISI and Cowen.
Shares of Elanco traded at $34.58 on Friday, with a post-IPO range of $32.05 to $36.01. Overall shares increased roughly 50% from the original pricing of $23 per share.
Eventbrite serves event creators through its broad technology platform. The platform integrates components needed to seamlessly plan, promote and produce live events, thereby allowing creators to reduce friction and costs, increase reach and drive ticket sales.
The stock entered the market at $36, well above the set price of $23 per share, a 56.5% premium. That was at the high end of the expected price range of $21 to $23 for its 10 million shares, with an overallotment option for 1.5 million shares.
The underwriters for the offering were Goldman Sachs, JPMorgan, Allen, RBC Capital Markets, SunTrust Robinson Humphrey and Stifel.
Shares of Eventbrite were trading at $34.05, in a post-IPO range of $34.00 to $39.30. Overall the stock is up about 48% from the original pricing.
X Financial is a Chinese personal finance company focused on serving China’s underserved prime borrowers and mass affluent investors. Its platform matches borrowers’ loan requests with investors’ investment demands and executes loan and investment transactions to provide borrowers with prompt funding, enabling the firm to satisfy the financing needs of borrowers and meet the investment demands of investors.
The company priced its 11.0 million American depositary shares (ADSs) at $9.50 a piece, with an overallotment option for an additional 1.65 million ADSs. Each one represents two Class A ordinary shares. At this price, the entire offering is valued up to $120.175 million.
The underwriters for this offering were Deutsche Bank and Morgan Stanley.
Shares of X Financial traded at $9.95, with a post-IPO range of $9.80 to $20.30. Overall the stock is up about 5% from its original pricing.